Paratus Energy Services (PLSV) investor relations material

Key company highlights

• Fully contracted pure play PLSV business with all vessels on multi-year contracts in a resilient, infrastructure-linked segment.

• Industry-leading dividend yield of 17%, with over $350 million returned to shareholders since IPO.

• Efficient capital structure with pro-forma net leverage of 1.5x and recent bond issuance to optimize debt maturity.

• 50% interest in Seagems JV, operating six PLSVs under contract in Brazil, generating $584 million in LTM revenue and $376 million in LTM EBITDA.

• Firm backlog of $1,055 million as of Q2 2026, providing strong revenue visibility.

Market positioning and demand drivers

• Seagems owns ~30% of the Brazilian PLSV fleet, with no newbuilds on order and high barriers to entry due to Petrobras specifications.

• Petrobras' five-year plan and ongoing tenders support sustained PLSV demand, with additional opportunities from IOCs.

• Long-term contracts with inflation adjustments and forward visibility from Petrobras tenders.

• Record subsea industry backlogs and strong demand for flexible pipe installation in Brazil, keeping high-end assets booked beyond 2030.

• Petrobras plans to contract approximately 6,000 km of pipelines over the next five years, supporting vessel utilization.

Financial performance and shareholder returns

• Seagems has a strong deleveraging track record, reducing net debt by ~$1.2 billion from 2015-2022 and distributing $824 million to JV shareholders from 2023 to H1 2026.

• High cash conversion rates (above 87% in recent years) enable stable and sustainable shareholder distributions.

• Quarterly dividend per share (DPS) of $0.22 is supported by normalized cash flows, with potential upside from dayrate increases and new business.

• Authorized share repurchases up to $100 million, with $25 million executed to date.